ISA annual allowance

ale21279

If you had £30K to save, could you put it into two ISA's, even though the annual allowance is £15240? Or would you need to put £15K into a different savings account?

MoneySavingUser

ale21279 wrote: »

If you had £30K to save, could you put it into two ISA's, even though the annual allowance is £15240?

No, either put some in this tax year and some next year (when the limit is £20k) or if say you are married your spouse will also have their own allowance.

ale21279

Thanks, and what happens if the interest earned on an ISA takes you over the allowance of £15240?

TheShape

ale21279 wrote: »

Thanks, and what happens if the interest earned on an ISA takes you over the allowance of £15240?

Interest payments within an ISA do not count towards your annual subscription allowance.

Superscrooge

ale21279 wrote: »

Thanks, and what happens if the interest earned on an ISA takes you over the allowance of £15240?

The ISA allowance is the maximum amount of new cash you are able to invest in an ISA each year.

Once invested there is no maximum limit on investment growth. According to recent posts there are even some ISA millionaires.

jimjames

ale21279 wrote: »

Thanks, and what happens if the interest earned on an ISA takes you over the allowance of £15240?

Fortunately with a cash ISA paying such a pittance that won't be something you need to worry about for a while